Santos, Kris Energy to explore oil and gas off Bangladesh

Australian oil and gas company Santos and Singapore-based Kris Energy signed a production-sharing contract (PSC) on March 12 to explore oil and gas in Bangladeshi waters, Reuters has reported.

State-run Bangladesh Oil, Gas and Mineral Corporation, known as Petrobangla, awarded shallow water blocks SS-11 in the Bay of Bengal to the two foreign energy firms.

Santos, which in October shut down operation of Bangladesh's only offshore gas field, saying it was not commercially viable, will be the operator of the new project and Kris Energy will join as a co-partner.

Copyright: Reuters, 2013